Freedom Holding received approval to purchase the Turkish bank Turkish Bank A.Ş.

Timur Turlov, founder of Freedom Holding, announced that Turkish regulators have approved the acquisition of Turkish Bank A.Ş., a bank with a strong reputation, a full license, and a history spanning nearly 45 years. According to him, this is a strategic step for the company’s entry into the Turkish market. The deal will be finalized shortly, with all final documents to be signed soon.

Turlov stated that the current development represents a major and significant chapter in the holding’s history, second only in importance to its listing on NASDAQ in 2019. The company is entering a vast market of nearly 90 million people, characterized by an active middle class and a relatively young demographic profile compared to the EU, with an average age of around 34 years—similar to Kazakhstan.

A young, financially capable audience, as Turlov notes, is precisely the foundation upon which digital financial products grow the fastest. This is evident in Kazakhstan, where the SuperApp grew to 5.67 million users in just two years, becoming the fastest-growing digital service in the country and at one point the most downloaded app on the Apple App Store. The holding is now bringing this success story and business model to Turkey—a market four to five times larger than Kazakhstan’s. The local bank provides a foothold in the market, after which the company will focus on its core mission: creating a fast, convenient, and truly digital product for millions of people.

Source: timurturlov